Coral Springs Man Sentenced to 23 Years in Prison for $160+ Million Ponzi Scheme

Sanjay Singh was sentenced to 23 years in federal prison to be followed by three years of supervised release for running an elaborate investment fraud scheme that conned investors out of more than $160 million.

From January 2020 until June 2023, Singh and his co-conspirators defrauded more than 1,600 investors through a classic Ponzi-style investment scam. Under the guise of operating a profitable trucking logistics business called Royal Bengal Logistics, Inc., (RBL), they offered different investment programs to investors: trucking, short-term investment, long-term investment, trailer manufacturing sponsorship, real estate, airline, and truck dealership. During the two-and-a-half-year period, Singh and his co-conspirators continuously lied to investors about the success and profitability of the company. While RBL did generate revenue from their trucking operations, none of the investment programs generated any revenue. Singh mainly targeted Haitian American investors throughout the United States and used new investor money to pay earlier investors. At least $3 million of the victims’ money was used to pay his co-conspirators, the rest was used to fund Singh’s personal lifestyle, including sending $6 million to a company owned by his brother-in-law and $540,000 to other relatives.

This investigation was developed jointly by the OFR, the Federal Bureau of Investigation, U.S. Department of Transportation, and the United States Attorney’s Office. The U.S. Attorney’s Office for the Southern District of Florida prosecuted the case.

Read the press release.